Jacobs Solutions
JNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $157.11 Prior regular-session close from the quote source.
- $155.86–$158.07 Regular-session low and high so far today.
- 574.2K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Nov 19 projected Projected for 2026-11-19 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $105.68–$162.00 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own J if Jacobs is a bet that scarce technical consulting talent and complex infrastructure demand can produce asset-light, margin-accretive growth, not just cyclical project revenue.
J price history
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Investment thesis
What must happen next
Client demand for complex infrastructure and technical programs continues to favor outsourced specialists like Jacobs over in-house owner teams, so Jacobs can keep converting technical capability into project awards and revenue.StrengtheningMateriality: High
GAAP annual revenue increased from $9.78 billion in FY2022 to $12.03 billion in FY2025. If this holds, Jacobs has a durable demand runway; if clients internalize work or defer programs, revenue growth loses its primary engine.
Watch: U.S. federal, state or municipal infrastructure customers materially delay awards as budgets tighten or funding authorizations lapse.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue increased from $9.78 billion in FY2022 to $12.03 billion in FY2025.
Open source ↗Jacobs’ scarce technical, professional, scientific and consulting workforce remains the key delivery advantage; if it can retain and deploy that talent, competitors cannot easily displace it on complex programs.StrengtheningMateriality: High
Jacobs reported approximately 43,000 employees as of September 26, 2025. The owner is underwriting people-based capability, not hard assets; talent retention determines both growth capacity and pricing power.
Watch: AECOM, WSP, Arcadis or private engineering firms poach senior project leaders and domain specialists in Jacobs’ priority verticals.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Jacobs reported approximately 43,000 employees as of September 26, 2025.
Open source ↗Jacobs can preserve economics only if its work mix stays tilted toward higher-value consulting, engineering and program-management services rather than low-bid, fixed-price construction risk.HoldingMateriality: Medium
GAAP annual gross profit increased from $2.58 billion in FY2022 to $2.98 billion in FY2025. Revenue growth is valuable only if Jacobs is being paid for expertise and risk discipline; a mix shift into underpriced delivery work would impair value creation.
Watch: Customers require lump-sum or fixed-price terms that transfer more execution risk to Jacobs.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit increased from $2.58 billion in FY2022 to $2.98 billion in FY2025.
Open source ↗Jacobs’ scale and delivery discipline allow incremental work to flow through at better operating economics instead of being consumed by overhead, restructuring costs or project losses.StrengtheningMateriality: Medium
GAAP annual operating income increased from $539.9 million in FY2022 to $863.6 million in FY2025. If operating leverage holds, modest revenue growth can still compound owner value; if it fails, Jacobs becomes a lower-quality revenue grower.
Watch: Persistent restructuring, separation or systems costs absorb the benefit of scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income increased from $539.9 million in FY2022 to $863.6 million in FY2025.
Open source ↗The consulting and engineering model must continue converting earnings into cash without large working-capital absorption from slow-paying customers or disputed project billings.HoldingMateriality: Medium
GAAP annual operating cash flow was positive in each year from FY2022 through FY2025. Cash conversion funds flexibility, debt capacity and potential per-share value creation; weak conversion would make accounting earnings less valuable.
Watch: Government customers or large private clients delay milestone payments and stretch receivables.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive in each year from FY2022 through FY2025.
Open source ↗
Full investment case & evidence
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Original research
Client demand for complex infrastructure and technical programs continues to favor outsourced specialists like Jacobs over in-house owner teams, so Jacobs can keep converting technical capability into project awards and revenue. If this holds, Jacobs has a durable demand runway; if clients internalize work or defer programs, revenue growth loses its primary engine.
Jacobs’ scarce technical, professional, scientific and consulting workforce remains the key delivery advantage; if it can retain and deploy that talent, competitors cannot easily displace it on complex programs. The owner is underwriting people-based capability, not hard assets; talent retention determines both growth capacity and pricing power.
Jacobs can preserve economics only if its work mix stays tilted toward higher-value consulting, engineering and program-management services rather than low-bid, fixed-price construction risk. Revenue growth is valuable only if Jacobs is being paid for expertise and risk discipline; a mix shift into underpriced delivery work would impair value creation.
Jacobs’ scale and delivery discipline allow incremental work to flow through at better operating economics instead of being consumed by overhead, restructuring costs or project losses. If operating leverage holds, modest revenue growth can still compound owner value; if it fails, Jacobs becomes a lower-quality revenue grower.
The consulting and engineering model must continue converting earnings into cash without large working-capital absorption from slow-paying customers or disputed project billings. Cash conversion funds flexibility, debt capacity and potential per-share value creation; weak conversion would make accounting earnings less valuable.
All standing thesis claims
Original report summary
Jacobs is a bet that scarce technical consulting talent and complex infrastructure demand can produce asset-light, margin-accretive growth, not just cyclical project revenue.
Bull case and bear case
Bull case and bear case for Jacobs Solutions
Where the evidence on Jacobs Solutions stands: Holding on the latest evidence (Nov 4, 2026). Of its 5 thesis points, 3 strengthening and 2 holding.
Bull case: what the evidence supports
Client demand for complex infrastructure and technical programs continues to favor outsourced specialists like Jacobs over in-house owner teams, so Jacobs can keep converting technical capability into project awards and revenue.
Jacobs’ scarce technical, professional, scientific and consulting workforce remains the key delivery advantage; if it can retain and deploy that talent, competitors cannot easily displace it on complex programs.
Jacobs can preserve economics only if its work mix stays tilted toward higher-value consulting, engineering and program-management services rather than low-bid, fixed-price construction risk.
Jacobs’ scale and delivery discipline allow incremental work to flow through at better operating economics instead of being consumed by overhead, restructuring costs or project losses.
The consulting and engineering model must continue converting earnings into cash without large working-capital absorption from slow-paying customers or disputed project billings.
Bear case: what would count against it
U.S. federal, state or municipal infrastructure customers materially delay awards as budgets tighten or funding authorizations lapse.
AECOM, WSP, Arcadis or private engineering firms poach senior project leaders and domain specialists in Jacobs’ priority verticals.
Customers require lump-sum or fixed-price terms that transfer more execution risk to Jacobs.
Thesis-Break Engine
What has broken in Jacobs Solutions’s thesis
Each break OptimistFi flagged on Jacobs Solutions, dated — with what has historically followed the same kind of break across the market, not a forecast for Jacobs Solutions.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
Early warning
The break condition read on the trailing twelve months through Jacobs Solutions’s latest quarterly report, ahead of the annual figure it is written on.
- Operating-margin compression, trailing 12 months
Across all companies, this kind of early warning has happened 2,641 times before. Those stocks trailed comparable companies by a median of 1% over the next six months, and 36% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Jacobs Solutions filed an SEC 8-K on 2026-08-14: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Jacobs Solutions filed an SEC 8-K on 2026-08-04: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Jacobs Solutions filed an SEC 8-K on 2026-05-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- U.S. federal, state or municipal infrastructure customers materially delay awards as budgets tighten or funding authorizations lapse.
- AECOM, WSP, Arcadis or private engineering firms poach senior project leaders and domain specialists in Jacobs’ priority verticals.
- Customers require lump-sum or fixed-price terms that transfer more execution risk to Jacobs.
- Persistent restructuring, separation or systems costs absorb the benefit of scale.
- Government customers or large private clients delay milestone payments and stretch receivables.
J news
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Financial statements
J income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
J: quick answers
- When does Jacobs Solutions (J) report earnings next?
- Jacobs Solutions's next results are projected for November 19, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 4, 2026. Earnings calendar
- What is J's short interest?
- As of October 30, 2026, 4.1M J shares were sold short, 3.47% of its shares outstanding, down 5.1% from the count before. At the stock's average daily volume that is 4.2 days to cover. FINRA publishes the count twice a month. J short interest history
- Have members of Congress traded J?
- Reports made public in the last 90 days disclose 1 trade in J by 1 filer: 1 purchase and 0 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed J trade
- Which well-known investors own J?
- 2 of the 37 well-known funds tracked here reported J shares in their latest 13F filings. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.0%; Soros Fund Management (George Soros), 0.0%. Fund portfolios
J in well-known investors’ portfolios
2 of 37 funds reported J shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.01% | $1.6M | −86.9% | Q2 2026 |
| George SorosSoros Fund Management | 0.00% | $262K | −17.6% | Q2 2026 |